A HECM is a Home Equity Conversion Mortgage, often referred to as a government insured Reverse Mortgage, that serves as a vehicle to help retirees and seniors access home equity from their homes in retirement. Home equity can be accessed in various ways
The new rules will dramatically change the current government insured HECM Reverse Mortgage from a non-qualifying loan to one that requires qualifications and is subject to broad lender discretion. You can be assured that the mortgage providers will
Reverse Mortgages have many practical applications but one of the common applications where people get stuck is with funds for care involving an incompetent loved one. Keeping a loved one in their home and providing for care can be very expensive. A
**Update - The Federal Housing Administration (FHA) announced Thursday that it will delay the effective date to begin financial assessments for all reverse mortgage applicants due to technical issues. They anticipate a delay of 30-60 days from
As reported on Yahoo this morning....Changes in 2014 to federal reverse mortgage regulations have shifted this senior safety net away from its traditional role as a loan of last resort to keep the elderly in their homes. Reverse mortgages now serve as a f
This is a classic Reverse Mortgage scenario that contradicts the general public perception that the primary use for a Reverse Mortgage equates to “funds of last resort”.Recently, I met with a client that was unmarried, in her early sevent